Sep 26 2019 2
BRKV - What are forex contests? How can we win them? Which are the best forex contests in the market? I faced these questions sometimes from my fellow forex traders. Somehow, new forex traders are really drawn to those contests hosted by famous forex brokers. Yet, do they know what to pay attention to when entering a forex contest? The answer is the prize, the rule and the withdrawal conditions.
In this article, I’ll compare those factors of the top largest brokers. Why the top largest? Small brokers also have contests, but they are not reliable. Just like trading, entering a forex contest is safer and more beneficial when you work with the best ECN brokers in 2022. The brokers I’m going to compare are: Exness, FXTM, and FBS with current contests such as: Exness Forex World Cup 2019, FXTM Titans, and FBS Pro respectively. Lastly, I will also give you some advices that I’m sure you’ll need in these best forex contests.
The best forex contests come with the best prizes
Of course, all players get their eyes on the prize first. Exness has the largest prize, up to $120,000 total for 12 rounds, so they reward $10,000 for each round. FXTM’s total prize is just one third of that, which is $40,000 for 4 rounds, so the prize for each round is the same as Exness. However, the first prize of each round of Exness is only $3000, while FXTM’s first prize for each round is $5000. FBS Pro is a monthly contest, so it has the smallest prize, which is only $1000, with the first prize is only $450. Here are the details of the prizes of each broker:
|Brokers name||Number of rounds||Prizes for each round|
1st place - $3000
2nd place - $2000
3rd place - $1000
4th & 5th place - $500
1st place - $5000
2nd place - $2500
3rd place - $1200
4th place - $800
5th place - $500
1st place - $450
2nd place - $250
3rd place - $150
4th place - $100
5th place - $50
But what can you do with all those prizes? FXTM is the best. You can withdraw all your prizes when the competition is completed. For Exness, you can only withdraw half of the prize. The other half will be the bonus for you to trade at Exness in the future. Lastly, just like FXTM, the winner can withdraw all of his prizes when the competition is completed.
Pay attention to the rules of the best forex contests
The rules for these contests are quite simple. All of them are demo trading contest, so you just need to open a demo account in the registration period to participate in the competition. However, when entering, each broker provides you with a different virtual amount of money. FXTM gives you the most, which is $100,000 of virtual money. FBS and Exness give you much lower, $10,000 and $1000 respectively. However, the initial amount of money they provide is not important, because the factors that decide the winner of the three brokers are different.
For FXTM, it is your ratio of profits, which is calculated by the following formula: [Net Profits ÷ 100000] x 100 = XX.XX%. If two contestants have the same ratio, the one with the smallest drawdown will be the winner. Drawdown is simply defined as how much your fund decreases after it reaches the highest peak. If they still have the same result, the first prize will be shared equally for both contestants. Exness and FBS is the same and simpler. The winner is the one who made the most during the contest period.
The leverages applied for the contests are different among the brokers. Exness seems to have the best leverage, which is up to 1:2000. That of FXTM is lower, which is 1:500 and FBS contest leverage is only 1:100.
Other miscellaneous rules of those brokers are quite similar:
- Each contestant can only open and trade with 1 demo account in the competition.
- Contestants can only make profit from the initial amount of money that the brokers provide them. They can’t deposit more into the account used in the contest.
- After the completion of the contest, the winners have 5 business days to respond the email about the prize that the brokers send them. If they don’t respond, the prize will be cancelled.
- The brokers all have the final voice when arguments happen.
What is the point of forex contests?
BRKV - Why do these brokers host a contest that you can join for free and win really big money? Of course it’s not because they are free. They want new traders to experience the best trading conditions that the best forex brokers offer. By doing this, they can attract a great number of new forex traders. However, my advice for new traders is “Don’t pay too much attention these contests.” Yes, the prizes may be very attractive, but you should participate in one or two contests. That’s enough, because the main goal of the brokers is to attract new traders, so the trading conditions of these contests are really amazing. In real life, they are not that easy.
Furthermore, experienced traders also join these competitions to make more money to trade with these brokers. If you are a new trader, the chance for you to win against the professional traders is nearly zero. Just take part in these contests to know how these brokers work and have a little experience in the forex trading world. Don’t pay too much attention to it unless you have traded forex for a long time and have confidence in yourself.
What to do when entering the best forex contests?
Ignore risk management
This doesn’t sound like a good idea, but remember that you are trading demo accounts, so there is no risk. You can ignore your usual risk management plans, because although they keep your fund safe, they also limit your profit rate at 10% maximum. In forex contests, that rate is just too low, because if you want to win, your profitable rate must be somewhere around 10,000%. So don’t pay too much attention to risk, because you’re trading free.
Choose the highest leverage possible
When choosing the highest leverage, if you win, you win big. If you lose, you’ll lose it all. So this is somewhat like a gamble. When entering the best forex contests, you should remember that you’re here to win big and fast, so don’t waste time making little money.
Make multiple accounts
Forex contests are all free to join, so why don’t make many accounts to increase your chance of winning? Just create as many emails as possible and you’re good to go.
Notice volatile times
You shouldn’t spend all of your time trading for these forex contests. Instead, you should expect volatile times like news release to make your move. By doing this, you can win a lots or lose everything. If you lose it all, it’s still good because it doesn’t take you too much time for these contests.
Use your trading bots
If you want to make a profit rate of 10,000%, besides ignoring risk management, you have to spend all days and all nights trading. Nobody has got time for that. Just use a trading bot that you have or someone recommend you. It will take care of all the work. Plus, you can even test how effective that trading bot can be.
Here is the list of current best forex contests for you:
You can give the best forex contests a try if you want to. Maybe you will learn some precious experience along the way.